According to the government's announcement on 24th October 2020, the deadline for filing ITRs (Income Tax Returns) has been extended until 31st December. In the current fiscal year, this is the fourth time that a similar extension has been announced. It was announced in June that the deadline would be extended until the 30th of November. There will now be an additional two months for taxpayers to file their ITRs. This is in accordance with the relief measures proposed by the Government in light of the disruption caused by COVID-19.
The Income Tax Act of 1961 and the Income Tax Rules of 1962 ask every individual who earns some amount of money to file their returns with the Income Tax Department at the end of every financial year. This is done by submitting a form. This form is known as the Income Tax Return (ITR) form. One of its types is ITR-V. Download Your Form ITR-V The Income Tax Department Website
ITR Form
The Income Tax Return (more commonly known as ITR) form is a tax form that is filed by an assessee to register information about the income earned and the tax applicable to the person. ‘Assess’ is the name given to any individual, who is legally responsible for paying taxes to the government against any kind of income earned or any losses suffered by him. This Form ITR-V is submitted to the income tax department. The returns have to be filed before a specific due date.
Types of ITR Form
There exist various Form ITR-V that are classified based on an individual’s standard of income, amount of income, and the category under which the taxpayer falls. There are seven different types of ITR forms which are as follows:
- ITR-1 / SAHAJ
- ITR-2
- ITR-3
- ITR-4 / SUGAM
- ITR-5
- ITR-6
- ITR-7
According to the conditions specified in each Form ITR-V, the individual files how he is supposed to. If in case, an individual files the wrong type, then he needs to go through this process of filing an ITR again.
6 Ways to e-verify Income Tax Return
1: ITR Verification via Aadhaar-based OTP
Want a quick and easy way to verify your income tax return? Use the Aadhaar OTP method.
Here’s how it works:
- Choose Aadhaar OTP: When you’re asked how you want to verify your return, select the option to use an Aadhaar OTP.
- Aadhaar Verification: You’ll need to confirm that you agree to link your Aadhaar details for verification purposes.
- OTP Sent: An OTP will be sent to the mobile number linked to your Aadhaar.
- Enter OTP: Type the OTP into the verification screen to complete the process.
2: ITR Verification via Net Banking
Want to verify your income tax return using your bank account? Here’s how:
- Choose Net Banking: When given options to verify your return, select the “net banking” option.
- Select Your Bank: Pick the bank where your account is linked to your PAN.
- Login to Net Banking: You’ll be redirected to your bank’s online banking page. Log in using your credentials.
- Find the Verification Option: Look for a section related to income tax or e-verification.
- Complete Verification: Follow the steps provided by your bank to finish the verification process.
3: ITR Verification via Bank Account
You can verify your income tax return using an Electronic Verification Code (EVC) generated through your bank account.
Here’s how it works:
- Choose Bank Verification: When given options to verify your return, select the “bank account” option.
- Generate EVC: The income tax portal will generate an EVC and send it to your registered mobile number and email address linked to your bank account.
- Enter EVC: Input the received EVC on the verification page to complete the process.
4: ITR Verification via Demat Account
If you have a Demat account, you can use it to verify your income tax return. Here’s how:
- Choose Demat Account Option: When selecting a verification method, choose the option to verify using your Demat account.
- Generate EVC: An Electronic Verification Code (EVC) will be sent to the mobile number and email address linked to your Demat account.
- Enter EVC: Input the received EVC on the verification page to complete the process.
- Just like using your bank account, your Demat account must be pre-validated and EVC-enabled to use this method.
5: ITR Verification via Bank ATM
Some banks offer a convenient way to verify your income tax return using your ATM card.
Here’s how it works:
- Visit Your Bank’s ATM: Locate an ATM belonging to one of the participating banks (Axis Bank, Canara Bank, Central Bank of India, ICICI Bank, IDBI Bank, Kotak Mahindra Bank, or State Bank of India).
- Generate EVC: Use your ATM card to generate an Electronic Verification Code (EVC). This is usually an option within the ATM’s menu.
- Receive EVC: The EVC will be sent to your registered mobile number and email address.
- Enter EVC Online: Go to the income tax e-filing portal, enter the received EVC, and complete the verification process.
Important: Your PAN must be linked to your bank account for this method to work.
6: ITR-V Submission to CPC in Bangalore
If you haven’t verified your income tax return online, you can do it by sending an Form ITR-V to the Income Tax Department.
Here’s what you need to do:
- Print the ITR-V: Download and print the Form ITR-V you received after filing your return.
- Sign the Form: Sign the ITR V form in blue ink.
- Prepare the Envelope: Place the signed ITR-V in an A4-sized envelope. Only include the ITR-V; no other documents are needed.
- Mail to CPC Bangalore: Send the envelope by post (not courier) to the following address: Income Tax Department – CPC Post Box No.1, Electronic City Post Office, Bangalore-560500, Karnataka
Important: You must send the ITR-V within 30 days of filing your income tax return.
How to Download your Previous Year’s ITR?
Need a copy of your income tax return from a previous year? Here’s a quick guide:
- Head to the Income Tax Website: Visit the official Income Tax Department website at www.incometax.gov.in and log in using your credentials.
- Navigate to Your Returns: Once logged in, locate the “e-File” section and navigate to “Income Tax Returns” followed by “View Filed Returns.” This section displays all your electronically filed returns.
- Download Your ITR: For the specific year you need, click the “Download Form” button. This will download the ITR (Income Tax Return) form for that assessment year.
How to Download XML Files for ITR?
To file your income tax return offline, you’ll need to create an XML file. Here’s how:
- Download the ITR Utility: Get the appropriate income tax return utility (Excel or Java format) from the Income Tax Department’s website.
- Fill in the Details: Enter your income, deductions, and other financial information into the utility.
- Calculate Your Tax: Use the utility to calculate your tax liability based on the provided details.
- Pay Taxes (if applicable): If you owe taxes, generate a challan through the utility and make the payment.
- Generate the XML File: Once you’ve entered all necessary information and made any tax payments, create the XML file using the utility.
- Save the XML File: Save the generated XML file to your computer for later use.
Uploading the XML File:
- Log In to the Income Tax Portal: Access the income tax e-filing portal and log in to your account.
- Select “Upload XML”: Choose the option to upload an XML file from the e-filing menu.
- Provide Details: Specify the assessment year, Form ITR-V number, filing type, and submission mode.
- Upload the File: Select the saved XML file from your computer and upload it.
- Verify Your Return: Choose a verification method (Aadhaar OTP, net banking, or sending ITR-V) to complete the process.
- Once the XML file is successfully uploaded and verified, you’ll receive an acknowledgment.
Benefits of Filing the ITR Form:
The following points state the benefits of filing the Form ITR-V:
- It helps a person to get a loan from any bank quickly, let it be any kind of loan, e.g., a vehicle loan, house loan, etc. Significant banks mostly demand a copy of the tax return.
- In recent times many embassies and consulates also ask for copies of an individual’s income tax return. Hence, it helps in the more natural processing of visas.
- If a person has got a refund due to the Income-tax department, then he will have to file an ITR to claim his refund.
- Income tax Returns can also act as proof of your address as well as your income.
- If the filing of ITR is not done before the specified due date, then a penalty will be imposed in the name of that person. So, the ITR must be filed, and that too on time.
Apart from these benefits, being a citizen of this country, it is our responsibility to file the ITR.
What Is the Form ITR-V?
ITR-V stands for Income Tax Return Verification form. It is sent to the person when an ITR is filed online without the use of a digital signature. It is a one-page legal document that is sent to the taxpayer through the mail to check the authenticity of the income tax returns.
How to Download Your ITR-V from the Income Tax Department Website
To download ITR-V from the Income Tax website, visit the official website of the Income Tax Department.
- Open the official website of Income Tax India and log in.
- Once on the website, click on the “ITR” tab and select the relevant assessment year for which you want to download the Form ITR-V.
- Now click on the ‘View return/forms’ option present on the screen so that we can see the e-filed tax returns.
- To download the Form ITR-V, click on the acknowledgment number.
- Now, to start the download, click on ‘ITR-V/Acknowledgement.’
- After downloading, a password will be asked to open the document. This password will be the PAN number of the person in lower letters along with their date of birth.
- After downloading the Form ITR-V, fill it out completely and submit it online.
Submission of ITR-V to CPC in Bangalore:
If the person decides to verify the Income-tax filing, then he has to take out a print of the Form ITR-V which is received through the mail or downloaded from the income tax portal. The taxpayer has to put up his signature on the printed acknowledgment and then place it in an A4-size envelope. This envelope must contain only the Form ITR-V and nothing else. It means that no other legal document is required to be put along with the Form ITR-V. This envelope will be further sent to the CPC Bangalore by the use of post only (not by the use of courier).
The moment we submit the Form ITR-V, the process of income tax filing is completed. But if in case a person fails to provide the ITR-V within 120 days of filing the income tax return, then the income tax filing process is considered to be invalid, and you may very soon receive a notice from the Income Tax Department of India.
Conclusion:
As such, the form ITR-V is a secure method to get the documents right at your doorstep. It gets the verification done easily and quickly. The individual must sign the document before sending it. In case any false statements are made by the person, they shall be liable to punishment along with a fine and imprisonment under the Income Tax Act.
FAQs
What is the due date for submitting the ITR-V for verification?
The deadline to submit the ITR-V for verification is generally 30 days from the date of filing your income tax return. However, there might be exceptions for returns filed before a specific date. It's best to check the official income tax website for the most current information.
What is the ITR-V acknowledgment Form?
The ITR-V acknowledgment is a confirmation that you've submitted your income tax return for verification. It's a physical copy of the form ITR-V that you send to the Income Tax Department's Central Processing Center (CPC) in Bangalore.
Is it possible to verify the income tax return without submitting Form ITR-V?
Yes, you can verify your income tax return without sending the Form ITR-V. There are several online methods available, such as using Aadhaar OTP, net banking, or an electronic verification code (EVC) generated through your bank account or Demat account. These methods are generally faster and more convenient.
What is an UTR number?
A Unique Transaction Reference (UTR) number is a unique identifier generated when you pay your income tax online. It's essential for tracking your tax payments and reconciling them with your income tax return.
How do I open an ITR PDF?
You can open an ITR PDF file using any PDF reader software. Popular options include Adobe Acrobat Reader, Foxit Reader, or the default PDF viewer on your operating system. These software programs allow you to view, print, and save the PDF file.
